How to Get a Loan with No Job
Obtaining loans from financial institutions is sometimes very difficult with all the requirements asked from the debtor. If you are unemployed, this may be even more difficult because many such institutions treat employment as a prime consideration for the loan to be approved. Nonetheless, you can still get a loan with no job. Here’s how:
- In the case of students, a federal student loan is available from federal lending agencies. This is a loan sponsored by the government to help students finance their education. The good news here is that the loan can be availed even when unemployed and even when there is no credit.
- For one who is unemployed but is not a student, the best loan can come in the form of pawning. The transaction here is done with a pawnshop. It requires pawning some items of value such as watches, cell phones, jewelries, and appliances. The amount loaned is usually decided by the value of the item. The debtor is given a specific time frame to pay for the debt. If the debtor fails, the item is auctioned for sale. In this situation, do not pawn the most important possession you have in case of doubts of being able to pay the loan back.
- In many cases, unemployed loans come in the form of cash advances. This is the common avenue for those who are receiving Social Welfare and health benefits. Even students can also ask for cash advance loans from the source of funds in case of scholarships. This is indeed common because even those with bad credit can avail of it.
- Church loans are also another source of loans for the unemployed. This may not be commonly heard of, but there are churches that offer financial loans to their members especially those who are exhibiting dire financial need. On the other hand, some such churches require the possible debtor to be an active member first of the church without which the loan will not be possible.
- While it may not be called a loan, another possible source of funds for the unemployed is to borrow money from a friend or family member. For the sake of propriety, it is important to pay back the owed amount. But unlike borrowing from banks and other financial institutions, such situations are not rigid so you will not be facing the pressure of meeting deadlines for payment.
So these are few steps mentioned above which helps you to get a loan with no job hope this help you if you still have question on finance or investments related issues you can definitely ask us our expert will answer instantly.